Russian Ministry of Finance proposes two bills to legalize and regulate cryptocurrencies.
Meanwhile, media reports have unveiled that Bank of Russia has prepared its own legislative proposals tailored to prevent the issuance, circulation, and use in payments of “private digital currency” in the Russian Federation. According to RIA Novosti, the regulator insists on imposing fines of up to 1 million rubles for violations of these restrictions.
Tass, which claims to have the documents, quotes a source from the financial industry who told the news agency that the central bank’s draft laws have been provided to the finance ministry. In an explanatory note, the monetary authority remarks that the penalties should be imposed on entities and individuals involved in the prohibited operations.
The regulator also wants to ban the dissemination of information about this type of currency and any of the listed activities. The CBR further suggests that banks, other financial institutions and entities operating within Russia’s national payment system should be prohibited from holding cryptocurrencies under threat of administrative action, while crypto-related transfers on behalf of persons should be rejected.
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